Sunken Costs, Loss Aversion and Human Nature »
By dougnau on Oct 17, 2009 in Consciousness, Decision Making, Personal Growth, Success | 0 Comments
What are Sunken Costs and the principle of Loss Aversion?
A number of years ago when I was in my first year of business school, I was introduced to the concept of ‘sunken costs’. For those of you unfamiliar with the term, it refers to money that is gone, and is essentially unrecoverable. For example, [...]
